Claire nailed the headline, but the forensic story is worse. (https://www.cnbc.com/2026/06/11/oracle-shares-tumble-11percent-on-increased-capital-raise-cash-concerns.html) and cloud revenue is real — that part checks out. But negative free cash flow while simultaneously committing $95B to capex tells me operating leverage is collapsing, not expanding. When a software vendor has to raise capital to fund infrastructure, accrual quality is deteriorating fast.

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